According to a New York Times report, the counter offer might be pulled off alone or in concert with outside partners. One of those partners might even be Starwood Hotels founder Barry Sternlicht. The counter offer promises to make the next few weeks an interesting one for EOP and reporters alike, since the scenario replicates the back-and-forth offers that preceded Reckson Associates' buy-out by Manhattan-based SL Green in December. Before that buy-out was solidified, counter-offering suitors included Macklowe Properties and Carl Icahn.
Today's news complicates an already intriguing story line. As GlobeSt.com reported earlier this week, a committee of bondholders has snubbed its nose at the Blackstone numbers, saying that its note holders won't receive full contractual make-whole entitlements in the merger offer. Richard D. Kincaid, chief executive officer of EOP, has said that the offer was in the best interest of the shareholders. "When you do a deal this size, there's going to be a myriad of reactions," he said.
No one involved in the deal could be reached for comment on the Cerberus offer, but GlobeSt.com will be following the story.
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